The Duel Over US Energy Sources: Trump vs. Biden
The ongoing battle over US energy sources between current president Joe Biden and president-elect Donald Trump reached a new level as wind power stocks plummeted following Trump’s disparaging comments about wind turbines.
During a speech at Mar-a-Lago, Trump criticized wind power, calling turbines ‘garbage’ and vowing to halt their construction during his presidency, set to begin on January 20. He labeled wind energy as the most expensive form of energy and described wind turbines as a disaster littering the country.
As a result of Trump’s anti-wind rhetoric, stocks of wind energy companies such as Danish manufacturer Vestas and developer Ørsted saw a significant drop in value. Other companies like Siemens Energy, RWE, and Nordex also experienced a decline in stock prices.
Trump’s aversion to wind power is not new, as he has previously called for the dismantling of wind turbines in the UK’s North Sea and has a history of opposing green energy initiatives. In contrast, Biden has taken steps to promote renewable energy and combat climate change, including rejoining the Paris climate accord.
This clash between the two presidents is reminiscent of Trump’s past battles against wind energy, such as his failed attempt to stop the Aberdeen Bay offshore wind farm, which he claimed would spoil the view from his golf resort in Aberdeen. Despite his efforts, the wind farm began operating in 2018 after a court ruling against Trump.
With Biden’s recent decision to block future oil and gas drilling in federal waters, effectively halting Trump’s pro-oil agenda, the rivalry between the two presidents intensifies. Biden’s ban on federal oil and gas leasing in vast marine areas signals a shift towards cleaner energy practices and environmental protection.
As the transition of power approaches, the clash between Trump’s fossil fuel advocacy and Biden’s renewable energy initiatives underscores the divergent paths the two presidents have taken on energy policy. The future of US energy sources hangs in the balance as the nation navigates between traditional oil drilling and the growing push for sustainable alternatives.